Gold price surge trims university medals
HYDERABAD: Rising gold prices are affecting even university gold medals awarded to meritorious students, forcing institutions to reduce gold content or seek higher deposits from donors.
Gold content reduced as prices rise
With gold prices increasing sharply over the past few months, universities have begun cutting the gold component in medals. Jawaharlal Nehru Technological University Hyderabad will hold its 14th convocation on February 7. During the June convocation last year, each 20-gram medal contained three grams of gold along with silver and copper.
This year, the gold content has been reduced to two grams, with the proportion of silver and copper increased accordingly, university sources said. A total of 71 medals will be awarded. Some medals are funded by the universities themselves, while others are supported through donor endowments.
Palamuru University cites rising costs
Palamuru University Registrar P. Ramesh Babu said that during the October convocation, each 20-gram medal contained 0.9 gram of gold, 17.10 grams of copper and two grams of silver. The cost per medal went up to ₹15,000, he added.
Universities seek higher endowment deposits
To institute a gold medal, donors are required to place deposits ranging from ₹2 lakh to ₹5 lakh, depending on the university. These are treated as endowment medals, with interest used to fund medal production each year.
As rising gold prices have made interest earnings insufficient, some universities have begun asking donors to increase their deposits. The endowment amount stands at ₹5 lakh in Jawaharlal Nehru Technological University Hyderabad and Osmania University, while Palamuru University and Mahatma Gandhi University, Nalgonda, have a ₹2 lakh deposit norm.
Palamuru University and Mahatma Gandhi University have now decided to collect ₹3 lakh for any new medals instituted in the future.
